JoeHayes
Long

CBS Long - Pin bar bounce on support with Volume

NYSE:CBS   CBS CORP NEW
Friday brought a huge bounce on very high volume at a great support level for CBS             . There is also very strong bullish momentum divergence seen on the mac-d histogram and the stochastic oscillator makes it seem price is making plans to pop off hard. I would play a limit order for the closing price at 56.74 with my stop loss 5 cents below the low of Friday. Sticking with a straight 1:2 risk reward ratio would have one selling around the first resistance level.

Entry: 56.74 Limit
Stop Loss: 54.96
Profit Target: 60.30
R/R: 1:2
Jakeccc
2 years ago
Bought at 55.9 yesterday, thanks for sharing, excellent trade.
Reply
JoeHayes Jakeccc
2 years ago
Nice. Glad it worked out for you Jakeccc. You might like the new chart I just published about YOKU. It shares some similarities.
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